The City of London’s status as a favourite place for the world’s dishonest officials to hide stolen money will remain a stain on the UK’s reputation, despite a long-awaited government anti-corruption plan expected on Monday , according to a formerregulator who is now an MP.

The chairman and three other board members of the Financial Conduct Authority faced calls to quit on Thursday because of conflicts of interest related to the ongoing investigation into the collapse of HBOS.